CBOE seat sells for a record $1.4 million

(Crain's) -- A seat on the Chicago Board Options Exchange sold for $1.4 million setting a new high as prospective members become increasingly interested in the trading organization's conversion to a for-profit corporation.

Officials at the CBOE said the seat was sold Aug. 15, surpassing the previous record price of nearly $1.38 million on April 25.

Membership seats are sold through an auction method where interested parties submit desired selling and purchase prices. A sale is made when a bid matches an offer.

The seat was the 37th one that has sold for at least $ 1million this year. Exchange officials said 23 other seats have sold this year at lower prices.

Last year, the highest seat sale was for $875,000, CBOE officials said.